| |  | | | Contractual Risk Transfer / Additional Insureds / Certificates of Insurance * Commercial Property * Personal Auto Issues * Insurance Laws & Statutes / Coverage Resources * Answering Your FAQs |
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| | Over the past few years liability insurers have been adding endorsements to attempt to limit their exposure for bodily injury claims on construction sites (not to mention for property damage). One way that insurers have attempted to limit such exposure has been to amend their CGL policy’s “employer’s liability” exclusion to preclude coverage for bodily injury to employees of “any insured” -- as opposed to the standard language, which applies to preclude coverage for employees of “the insured.” |
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| | Insurance Services Office (ISO), in its most recent multistate endorsement revision filing, made a minor change to 25 additional insured endorsements; brought two additional insured endorsements up-to-date and in alignment with most the construction-related additional insured endorsements; added three new non-construction AI endorsement triggered by the presence of a contractual requirement for AI status, and addressed the old problem of newly acquired or created LLCs. |
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| | Without hyperbole, thousands of COI are issued every day, and most of them are issued improperly. As if the COI problem wasn't enough, there's a NEW "gotcha" in town - the memoranda of coverage/insurance. |
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| | A mural is a very real insurance exposure. One underwriter reported writing $500,000 coverage on an exterior mural. Just for the mural, NOT the building. Just an “average” mural (painted by a local, unknown artist) can cost the building owner between $10 and $20 per square foot. Meaning that even a relatively small mural (20x20) could cost up to $8,000 to have redone. |
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| | Protests, civil disobedience, riots, and looting followed the death of George Floyd under the knee of a Minneapolis police officer. Might the terrorism exclusion apply to any damage caused during these protests and ultimate riots? Answering this question is initially more difficult than it appears. |
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| | The concept of actual cash value (ACV) is far more complicated than “replacement cost minus physical depreciation.” In fact, the meaning of replacement cost differs based on the state. To further complicate the “problem” with defining ACV is whether or not labor is depreciable. Again, the answer differs based on the state in which the property is located. |
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| | Although most damage waiver fees are considered outrageous, the insured is best advised to purchase the waiver for short-term rentals. This is not only in the best interest of the insured, but also the agent since an inadequately covered loss may result in the loss of an account or worse, an E&O claim. |
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| | Zipcar is an innovative alternative to traditional car rental. The company describes itself as a “car sharing” company instead of a car rental company. The company currently operates in multiple metropolitan areas and hundreds of college campuses, has a fleet of thousands of cars and hundreds of thousands of members, and recently expanded internationally. If your insured drives a zip car, does his or her PAP extend coverage? Does s/he even need PAP coverage? |
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| | Over the last several days, the VU has fielded several auto insurance related questions as it pertains to food delivery and the Coronavirus. These questions cannot be classed simply as personal auto or business auto questions because the most common question involves both polices. |
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| | This chart details liability coverage for trailer-related liability. |
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| | Agents have asked the Big "I" many questions about COVID and insurance. Here are a few “talking points” that may be beneficial over the coming months. |
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